Question

Solve the problem. A $8920 note is signed, for 160 days, at a discount rate of 6.5 % Find the proceeds.

Answer 1

Hello!

The answer is $101688

Why?

Since there is not enough information about the rate, let's assume that it's a daily rate.

Calculations

Let's say:

P : Proceeds

o : original amount

d : number of days

r  : percentual rate

So,

$P = o + o*(r*d)$

Let's make the percentual rate (6,5%) a real number by dividing into 100,

$\frac{6,5}{100}=0,065$

By substituting, we have

$P = 8920 + 8920*(0,065*160)= 8920 + 8920*10,4\\P= 8920 + 92768 = 101688$

$P =$ $101688

Have a nice day!

Answer 2

Answer:

$101,688

Step-by-step explanation:

We are given that a $8920 note is signed, for 160 days, at a discount rate of 6.5% and we are to find the proceeds.

For this, we can use the following formula:

$F = P (1 + rn)$

where $r$ is the discount rate,

$n$ is the number of days; and

$p$ is the original amount.

Substituting the given values in the formula:

$F = 8920(1+0.065*160)$

F = $101,688